Swiss banking giant UBS is planning to explore merger and acquisition opportunities in the United States in the coming years, as reported by Reuters on Sunday, citing its chairman Colm Kelleher.
Following the acquisition of Credit Suisse last June, UBS aims to expand its US wealth management business through potential M&A activities within the next three to four years, the report added.
Kelleher emphasised that the current focus is exclusively on wealth management.
UBS, despite criticism for its substantial balance sheet, which is almost double the size of the Swiss economy, opposes higher capital requirements, citing potential negative effects on shareholders and customers through increased banking costs.
The recent merger with Credit Suisse also saw the return of former CEO Sergio Ermotti for a second term to lead the integration process.
Kelleher expressed confidence in Ermotti’s ability to handle the challenging task and mentioned a preference for an internal candidate to succeed him at UBS.
